Seanergy reports Q3 results

(Posted on 11/11/19)

Seanergy Maritime Holdings Corp. has announced its financial results for the third quarter and nine months ended 30 September, 2019.

Seanergy is the only pure-play Capesize shipping company listed in the US capital markets and provides marine dry bulk transportation services through a modern fleet of 10 Capesize vessels, with a cargo-carrying capacity of approximately 1,748,581 dwt and an average fleet age of about 9.8 years.

For the quarter ended 30 September, 2019, the Company generated net revenues of $24.0 million, representing a 9% decrease compared to the corresponding quarter of 2018. This decrease is attributed to a 21% reduction in operating days mainly due to the dry-dockings of three vessels during the third quarter of 2019 and the sale of our two Supramax vessels in the fourth quarter of 2018. The Time Charter Equivalent (TCE)1 earned during the third quarter of 2019 was $20,143[1], increased by 19% from $16,914 in the third quarter of 2018. Seanergy recorded Net Income of $0.7 million compared to a net loss of $5.6 million in the same quarter of 2018, marking a profitable quarter despite the increased down-time due to the heavy dry-docking schedule.

For the nine-month period ended September 30, 2019 net revenues amounted to $58.7 million, a 9% decrease compared to $64.5 million in the same period in 2018. The decrease is attributable to a 14% reduction in operating days due to four dry-docking surveys taking place in 2019 and the sale of the two Supramax vessels in 2018. The Time Charter Equivalent (TCE)1 earned during the first nine months of 2019 was $12,004, representing a 4% decrease from $12,497 in the same period of 2018. The average daily OPEX of the fleet for the nine-month period of 2019 was $5,032, marginally improved from $5,087 in the respective period of 2018.

Cash and cash-equivalents, including restricted cash as of September 30, 2019 stood at $15.4 million, which is an increase from $7.4 million as of December 31, 2018. Shareholders’ equity at the end of the third quarter of 2019 was $26.6 million compared to $21.3 million at the end of the fourth quarter of 2018.